If you’re fortunate, by the time you’re in your 50s or 60s, you’ve accumulated a retirement fund to see you through the following several decades. Therefore, you may now look for ways to simplify your life and budget. However, suppose money and investing isn’t your top priority. In that case, a few methods exist to simplify the tasks associated with managing your finances.

Pick one that works best for you from the following five simple methods to complete it and get on with your life:

Managing Your Investments

Here, do-it-yourself (DIY) investment management methods are these financial charges: the underlying costs of investment trading, Exchange Traded funds (ETF), and mutual fund fees. This will be the most cost-effective method of managing your investments if you invest in low-fee funds and trade sparingly.

However, the fact that there aren’t any fees doesn’t guarantee that using a DIY strategy will be profitable.

Wise investment management ensures that your asset allocation (dividing your portfolio between stocks, bonds, and cash) corresponds to your risk tolerance. Additionally, it involves routine asset rebalancing to prevent investing more of your portfolio in one form of investment than you had intended and maintain records of your transactions for tax reporting.

The most straightforward DIY approach can be keeping track of your investments and assisting with asset allocation using a financial management tool like Quicken or the free Personal Capital web dashboard. This can be the best action if you have a moderately sized portfolio and a solid understanding of fundamental investing concepts.

Make sure you comprehend financial concepts like asset allocation and rebalancing if you choose the DIY way. You should also ensure you implement your asset allocation per your risk tolerance. For instance, you should allocate less of your portfolio to stocks if you have a low-risk tolerance than you would if you have a high tolerance. Every year or so, you should rebalance your investments to ensure the portfolio has the right balance of assets.

To simplify keeping track of your holdings, strive to reduce the number of investment accounts and holdings. Trade infrequently, pay attention to funding management costs and choose funds with lower prices.

Financial Advice for Nothing

Consult the financial advisors at a discount broker if you want guidance and an expert to address your fundamental investment questions but don’t want to give your portfolio to a Certified Financial Planner.

Companies like Schwab, TD Ameritrade, Fidelity, and others offer financial representatives to account holders. Most can answer simple questions for free and have a basic understanding of finance and investing. They can walk you through a portfolio allocation and recommend a few low-cost index funds geared toward the market. If you’d like, the representatives can also explain how to transfer your 401(k) to an IRA.

Additionally, it’s critical to comprehend fundamental investing ideas when taking this path. Don’t be afraid to inquire about costs. Just be aware that you won’t be receiving a comprehensive financial plan.

Fee-Only Financial Advisors Who Visit Rarely

The range of fee-only qualified financial experts offering a la carte investment and financial management services to full-fledged money managers charging an hourly rate or a fee-for-service.

A fee-only financial advisor could be helpful if your financial position is set up. Still, you would want a second set of eyes to look over it. This qualified expert may evaluate your portfolio and make suggestions. Or, if you’d like, you might spend money on a comprehensive financial plan that considers your tax, estate planning, and other financial worries.

Determine what you need from a fee-only financial planner before selecting one; look up local pros, such as utilising the Finra.com Brokercheck, and find out how much the planner will charge.

Complete investment and financial management by money managers

Working with a financial or investment manager can be advisable if you prefer to delegate your financial management to a professional. You can anticipate that the financial manager will oversee your investments and possibly assist with tax and estate preparation. If you want the adviser to trade securities on your behalf, consider it seriously.

Since you must grant access to your accounts, the initial setup with a money manager is complicated. Suppose the manager’s plan calls for selling and replacing some of your assets with others. In that case, there can also be tax repercussions. After the change is finished, you won’t have to manage investments directly. One word of advice: keep an eye on your financial advisor at all times.

To utilise a money manager, be aware of investment management costs. Typically, you’ll pay a fee that ranges from 0.50% to 1.75% of the assets under management.

Investigate them with Finra.com Brokercheck. Additionally, request a sample of the company’s account management paperwork as well as the investment philosophy of the adviser.

Finally, confirm that the advisor is a fiduciary who will put your needs before theirs.

Robo-Advisers: Digital-Only or Hybrid?

A more affordable financial management solution has recently sprung into the investment scene. An automated investment manager, known as a “robot adviser”, builds your investment portfolio on your objectives, time frame, and level of comfort with risk. Then. The digital money manager rebalances those assets on your behalf and could offer several services relating to investing.

Robotic advisors have multiple dimensions. For instance, several investment robo-advisors provide access to human financial advisers. These automated financial counsellors can also be distinguished by their investment philosophy, tax-loss harvesting services, investment kinds, and availability of particular stock investments.

The fees associated with robot-advisory services range from nothing for Schwab Intelligent Portfolios and Wisebanyan to 0.89% for Personal Capital Advisor Services. In addition, SigFig manages even your existing investing brokerage account.

Before working with them, ensure you know the costs and services a Robo-adviser offers. Decide whether you are looking for an in-person advisor or a fully digital experience. Consider hiring a robot adviser from a big financial institution, like Ally Invest Managed Portfolios or FidelityGo.

Finally, even when a person isn’t directly involved, you still need to monitor your robot advisor.